History of Burger King

Burger King
Type Private
Industry Restaurants
Predecessor Insta-Burger King
Founded Insta-Burger King - July 28, 1953 in Jacksonville, Florida
Current company - January 1955 in Miami, Florida
Founder(s) Insta-Burger King - Kieth J. Kramer and Matthew Burns
Current company - David Edgerton and James McLamore
Headquarters 5505 Blue Lagoon Drive,
Miami-Dade Co, Florida (near Miami)
Area served Global
Key people John W. Chidsey (CEO/Chairman)
Ben K. Wells (CFO)
Products Fast Food
(hamburgers • chicken • french fries • soft drinks • milkshakes • salads • desserts • breakfast)
Revenue increase US$2.54 Billion (FY 2009)[1]
Operating income increase US$348 Million (FY 2009)[1]
Net income increase US$200 Million (FY 2009)[1]
Total assets increase US$2.71 Billion (FY 2009)[2]
Total equity increase US$975 Million (FY 2009)[2]
Employees 41,000 (2008)[3]
Parent Burger King Holdings Inc.
Website burgerking.com

The predecessor to what is now the international fast food restaurant chain Burger King was founded in 1953 in Jacksonville, Florida as Insta-Burger King. The original founders and owners, Kieth J. Kramer and his wife's uncle Matthew Burns, opened their first stores around a piece of equipment known as the Insta-Broiler. The Insta-Broiler oven proved so successful at cooking burgers, they required all of their franchises to carry the device. After the original company began to falter in 1959, it was purchased by the Miami, Florida franchisees James McLamore and David R. Edgerton who renamed the company Burger King. The duo ran the company as an independent entity for eight years, eventually expanding to over 250 locations in the United States, when they sold it to the Pillsbury Company in 1967.

Under Pillsbury, the company underwent several attempts at reorganization or restructuring in the late 1970s and early 1980s. While these efforts were effective in the short term, many of them were eventually discarded resulting in Burger King falling into a fiscal slump that damaged financial performance of both Burger King and its parent. Poor operating performance and ineffectual leadership continued to bog the company down for many years, even after it was acquired in 1989 by the British entertainment conglomerate Grand Metropolitan and its successor Diageo. Eventually, the institutional neglect of the brand by Diageo damaged the company to the point where major franchises were driven out of business and its total value was significantly decreased. Diageo eventually decided to divest itself of the money-losing chain and put the company up for sale in 2000.

In 2002, a troika of private equity firms led by TPG Capital, L.P with associates Bain Capital and Goldman Sachs Capital Partners agreed to purchase BK from Diageo for $1.5 billion (USD), with the sale becoming complete in December of that year. The new owners, through several new CEOs, have since moved to revitalize and reorganize the company, the first major move was to re-name the BK parent as Burger King Brands. The investment group initially planned to take BK public within the two years of the acquisition, however this action was delayed until 2006 due to several reasons. On 1 February 2006, it was announced that TPG planned to take Burger King public by issuing an Initial Public Offering (IPO). Between March 2004 and March 2009, the company experienced a score of consecutive profitable quarters that were credited with successfully re-energizing the company, however with the slowing of the economy during the financial crisis of 2007-2010 the company's business has declined while its immediate competitions, McDonald's, has grown. On September 2, 2010, Burger King Holdings Inc. announced it will sell out to private equity company 3G Capital for $24 per share, or $3.26 billion.

Contents

United States

Insta-Burger King

1950-60s era Burger King logo

The predecessor to what is now called Burger King was founded in 1953 in Jacksonville, Florida as Insta-Burger King. The original founders and owners, Kieth J. Kramer and his wife's uncle Matthew Burns, opened their first stores around a piece of equipment known as the Insta-Broiler. The Insta-Broiler oven proved so successful at cooking burgers, they required all of their franchises to carry the device.[4]

While the Jacksonville chain was expanding, two friends named James McLamore and David R. Edgerton, both alumni of the Cornell University School of Hotel Administration, were seeking an opportunity to open their own business. McLamore had visited the original McDonald's hamburger stand belonging to Dick and Mac McDonald in San Bernardino, California; sensing potential in their innovative assembly line-based production system, he decided he wanted to open a similar operation of his own.[4][5]

Upon McLamore's return to Miami, the pair purchased a license to operate an Insta-Burger King franchise and opened their first location on 4 December 1954 at 3090 NW 36th Street in Miami, Florida. By 1959 McLamore and Edgarton were operating several locations within the Miami-Dade area and growing at a fast clip. Despite the success of their operation, the partners discovered that the design of the insta-broiler made the units heating elements prone to degradation from the drippings of the beef patties. The pair eventually created a mechanized gas grill that avoided the problems by changing the way the meat patties were cooked in the unit. The new cooking appliance, which they called a flame broiler, moved the patties over the flame vertically on a chain link conveyor over the heating elements, a design that imparted grill lines on the meat similar to those made on a charcoal grill. The new unit worked so well, that they made the decision to replace all of their Insta-Broilers with the newly designed unit.[4][5]

Even though the company had rapidly expanded throughout the state until its operations totaled more than 40 locations in 1955, the original Insta-Burger King ran into financial difficulties and the pair of McLamore and Edgarton purchased the national rights to the chain in 1959 and rechristened the company as Burger King of Miami.[6] The company eventually became known as Burger King Corporation and began selling territorial franchise licenses to private owners across the US by 1961.[7]

Pillsbury Company

One of Minneapolis-based Pillsbury Company buildings, part of the company's home facility.

In 1967, after eight years of private operation, the Pillsbury Company acquired Burger King and its parent company Burger King Corporation. At the time of the purchase, BK had grown to 274 restaurants in the United States and had an estimated value of $18 million dollars (USD). One of the main issues that Pillsbury had to control was the lack of consistency within the franchise framework. McLamore and Edgerton's franchise system allowed the company to expand a great clip, however it lacked a system of checks and controls on its franchises which in turn created a poor reputation for the chain in regards to its products and image. Additionally, the agreements gave the company little power to prevent its franchises from exercising power of the company itself.[7]

One of the prime examples of the deficiencies in its former franchise structure was the relationship between Burger King and Louisiana-based franchisee Chart House. Chart House started out its history as Self Service Restaurants Inc. when two businessmen brothers Billy and Jimmy Trotter opened their own BK franchise group in that state in 1963. By 1970 the company had grown to over 350 store across the country, with its own purchasing system, training program and inspection system. In 1973 Chart House attempted to purchase the chain from Pillsbury for 100 million (USD), an offer which Pillsbury declined. After Chart House's bid failed, its owners Billy and Jimmy Trotter put forth a second plan that would have Pillsbury and Chart House spin off their respective holdings and merge the two entities into a separate company; again Pillsbury declined the proposed divestiture. After the failed attempts to acquire the company, the relationship between Chart House and the Trotters soured; when Chart House purchased several restaurants in Boston and Houston in 1979, Burger King sued the selling franchisees for failing to comply with the right of first refusal clause in their contracts - Burger King won the case, successfully preventing the sale. The two parties did eventually reach a settlement where Chart House kept the Houston locations in their portfolio.[7] In the early 1980s Chart House spun off its Burger King holdings and re-focused on its higher end chains; its Burger King holding company, DiversiFoods, was eventually acquired by Pillsbury 390 million (USD) in 1984 and folded into Burger King's operations.[8][9]

The Original Chicken Sandwich, one of the products introduced under Donald Smith in the 1970s

With the ongoing conflict with Chart House on the mind of the company's board in 1978, Burger King hired McDonald's executive Donald N. Smith to help revamp the company. Smith initiated a restructuring of all future franchising agreements, disallowing new owners from living more than an hour's drive from their restaurants, preventing corporations from owning franchises and prohibiting franchisees from operating other chains. This new policy effectively limited the size of franchisees and prevented larger franchises from challenging Burger King as Chart House had.[10] Smith also altered the way the company dealt with new properties by making the company the primary owner of new locations and rent or lease the restaurants to its franchises. This policy would allow the company to take over the operations of failing stores or evict those owners who would not conform to the company guidelines and policies.[7] Beyond the changes to the franchise system, Smith also restructured Burger King's corporate operations in order to better compete against his former company as well as then up and coming chain Wendy's. One of his first changes was to modify the menu with the addition of the Burger King specialty sandwich line in 1979, which significantly expanded the breadth of the BK menu with many non-hamburger sandwiches including new chicken and fish offerings. The new line was one of the first attempts by a major fast food chain to target a specific demographic, in this case adults aged between 18 and 34 years, members of which were presumably willing spend more on a higher quality product.[6] The new products were successful and the company's sales increased by 15%.[7]

After Smith's departure from the company for soft drinks producer PepsiCo in 1980,[11] the company began to see a system-wide decline in sales. Pillsbury executive vice president of restaurant operations Norman E. Brinker was tasked with turning the brand around and strengthening its position against its main rival, McDonald's. One of his first acts was to initiate an advertising plan emphasizing claims that Burger King's flame-broiled burgers were better and larger than its rival's. The program, arguably the first attack ads on a food chain by a competitor, was controversial in that before it fast food ads only made allusions to the competition in a vague manner, never mentioning them by name. McDonald's sued Burger King, their ad agency at the time the J. Walter Thompson Company. The child actress Sarah Michelle Gellar was also implicated in the lawsuit because of her appearance in these television commercials. The suit was settled the following year on undisclosed terms.[12] Despite the controversy, the ad plan boosted same store sales when sales took off. The whole situation at the time became known as the Burger Wars.[13] Brinker continued working for the company in this capacity until 1982 when he was promoted to president of Pillsbury's food service division. His new role expanded his oversight to include the company's other chains beyond Burger King.[14] Brinker left the company in 1984 to take over Dallas-based gourmet burger chain Chili's.

With the departure of Smith and Brinker, Pillsbury allowed many of their changes to be relaxed, as well as scaled back on construction of new locations which had the effect of stalling corporate growth.[15] By failing to follow through on the changes of the two men, Pillsbury caused its own value to diminish as it derived more than one third of its sales and two thirds of its profits from the burger chain. When the British alcoholic beverages company Grand Metropolitan PLC made a hostile bid for Pillsbury, the company devised a plan to spin off the financially flailing restaurant unit in hopes to raise an estimated US$2 billion that could be used to fend off the unwanted suitor. The complex, potentially tax-free stock split plan would have led to the chain, along with its distribution system Distron, becoming a separate entity for the first time in over twenty years.[16]

Hoping that the special dividends created by the spin-off would have convinced shareholders not to accept the hostile bid, Pillsbury had its plans partially scuttled when the company's franchisees rejected the plan despite parts of which that would have given the franchises part ownership in the company and a seat on its new board. In a letter to Pillsbury chairman Phillip L. Smith, franchise representative Bill N. Pothitos stated that franchisees disapproved of the transaction on the grounds that they "strongly oppose this proposed course of conduct for one reason and one reason alone: It so restricts the ability of the Burger King Corporation to engage in future competitive growth and reinvestment in the Burger King system that our economic interests and investments will be placed in jeopardy."[17][18] Another option floated by the company in December 1988 was to sell Burger King to a third party, a proposal that drew a favorable response from its franchises, never came to fruition.[19]

On top of the failure of the franchises to approve the spin-off, a series of lawsuits complicated the divestiture.[20] Two legal challenges to the parent company were filed by investors, one in Pillsbury's home state of Minnesota and another in the state where it was incorporated, Delaware, in which the legality of the stock tender plan was questioned.[20] These three events eventually forced Pillsbury to give up its bid to fend off Grand Metropolitan and agree to be acquired in November 1988.[20]

Grand Metropolitan

A shuttered Burger King in Bradford, West Yorkshire

Between the time of the initial sales agreement in November 1988 and the finalization of the acquisition of Pillsbury in January 1989, Grand Metropolitan set about putting its own corporate stamp on Burger King; the stated goal of Grand Met CEO Allen Sheppard was to upgrade the overall performance of the chain and improve its standing as the second largest fast-food burger chain globally. To that end, he had the company initiate a three-prong strategy of evaluation of operations, personnel moves, and structural changes and improvements to fortify the company.[21]

Following through on the CEO's opinion that the company needed a consistent marketing plan and management team to succeed,[22] the company began its moves by replacing its chairman and CEO Jerry W. Levin with its own choice of executives, Barry J. Gibbons, chairman and managing director of Grand Metropolitan Retailing, Ltd., as chief executive and Ian A. Martin, Grand Met's top executive in the United States, as chairman. The moves came to no surprise to Wall Street analysts and franchisees, as they were expected due to reservations about Levin after his appointment by the outgoing management at Pillsbury.[23] Grand Met's first major restructuring move was the dismantling of Burger Kings 50-year-old purchasing and distribution arm, Distron. Unhappy with the distribution group, the company originally thought to dispose of the division after the purchase but instead decided to reorganize it into two separate groups, one for procurement (Burger King Purchasing or BKPS) and another for distribution (Burger King Distribution Services or BKDS). With the restructuring, the company eliminated many positions and ended up laying off over a hundred staff members as a consequence.[24][25][26]

During the five years that led up to the purchase, the restaurant chain had a series of a half dozen ad programs accompanied by even more marketing directors, a situation that led Adweek to describe it as "ill-conceived marketing and downright sloppy strategic planning" in 1987. In order to reverse the trend, in December 1988 Grand Met set about reevaluating all aspects of the programs from the messages the company was sending to the customer through its commercials to the possibility of dropping its advertising agency of record, N. W. Ayer.[27] After a six-month evaluation, BK dropped Ayer in favor of a two-way combination of D'Arcy Masius Benton & Bowles (DMB&B) for overall programs and Saatchi & Saatchi for specific advertising programs such as the introduction of new products. The company hoped that the "dual-agency partnership" would provide a synergy that would bring together "some of the best minds in the advertising business" to establish a brand identity, or as a company spokesman stated, "what the consumers take away with them after they visit us--what we stand for..."[28]

Grand Met also made several moves in an attempt to broaden BK's business operations while expanding its presence globally. The first move by the company was the creation of the BK Expressway business concept, a new store store format designed for locations where a traditional stand-alone restaurant was impractical. The company introduced two separate formats designed to operate in different business environments; the first concept was intended as a kiosk-type store that would be placed in locations such as sports venues and airports. The second concept store, designed with two drive-thrus and a minimal or even non-existent dining room, was designed to go in locations that were limited by high land costs or limited space. Both types of these new, smaller stores operated with a condensed menu prepared on new equipment designed specifically for the more compact footprints of the new locations. Expressway locations were also designed with lower start-up costs in mind; franchisees were wooed with the promise of a much smaller investment, approximately one third as much, than would be required to open a more traditional location.[29][30] In August of the same year, Grand Met set about expanding Burger King's operations in Europe by acquiring UK-based United Biscuits restaurant operations, including the nearly 400-location burger chain Wimpy. With the purchase, described as a "rare opportunity" by CEO Sheppard, Grand Met set about converting certain Wimpy locations that employed a counter service system into Burger King locations.[31] The merger of the United Biscuits properties with BK grew the company from about 30 restaurants in the UK to more than 60 within a year of the purchase, with another 30 locations added in early 1990.[32] While other "Wimpy" locations are still in operation presently, they are now independent from BK and no longer have the presence they once did.[7]

The 1990s led off with Grand Met taking Burger King's soft drink contract to Coca-Cola from Pepsi.[33] Traditionally Burger King had sold soft drinks from the Coca-Cola Company in its home market, however in 1983 PepsiCo was able to garner the US$444 million beverage supplier contract from its rival. Despite extreme market debate over the future of the contract, it was renewed for a second term in 1987.[34] A sweetened contract that strengthened marketing and advertising program ties between Burger King and itself allowed Pepsi to keep supplying soft drinks to BK. Leading up to the decision, Pepsi had sponsored over 100 separate cross-promotions and product tie-ins, including a Fourth of July promotion where BK gave away a free Pepsi with each purchase. This fit into the goals of BK, which was looking for a partner that would provide "outstanding, impactful promotional support."[35][36] However, the contract only lasted three more years when, partially based upon Pepsi's growth as a restaurant operator with its Tricon Restaurants division, Burger King moved its beverage contract back to Coca-Cola.[37][38] Accompanying the reintroduction of Coca-Cola, BK introduced its first major chicken sandwich since 1977; the new BK Broiler sandwich was a broiled sandwich targeting more health-conscious customers. The BK Broiler was a rapid hit and within six months of its introduction was selling more than a million units daily system wide.[7]

The company made an advertising coup that same year when it signed a 10-picture contract with the Walt Disney Company.[7] The deal, which included such Disney films as The Lion King, Aladdin and Toy Story, came at the height of Disney's commercial rebirth. Accompanied with the new BK Kid's Club program, the company saw an impressive growth within the children's market. The company's new Kid's Club, its first major foray into a children's targeted ad campaign since the Burger King/Burger King Kingdom program of the 1970s, saw phenomenal growth with more than one million children signing up for the program within two moths of its introduction.[7]

While many of the moves made by Grand Met were successful in generating additional sales and growth, the company continued to experience problems. While Fortune Magazine named CEO Gibbons as its Turnaround Champion for his success in reversing the fortunes of the company,[39][40] several news outlets claimed that the changes he introduced were problematic because they deprived the company of valuable assets.

The interior of Burger King's headquarters after Hurricane Andrew in 1992

In 1992, Hurricane Andrew destroyed the company headquarters.

In 1993 Gibbons decided to leave the company and was replaced by James B. Adamson.

Adamson left in early 1995 after making more improvements as well as fixing deficiencies left by Gibbons, and was replaced with David Nash as CEO.[41] He was elevated to Chairman in July, with Robert Lowes as CEO. Lowes became chairman in November.[42]

Diageo

In 1997, Grand Metropolitan merged with Guinness to form a company called Diageo. Franchisees alleged that Diageo ignored the chain in favor of its liquor business; there were two more CEOs in the time Diageo owned the company.

Diageo maintained ownership of BK until 2000 when Diageo decided to focus solely on their beverage products and divest itself of the chain.[43]

This institutionalized neglect further hurt the standing of the brand, in turn causing significant financial damage to Burger King's franchisees.[44] By the time of the sale, Burger King's revenues and market share had declined significantly, and the company had fallen to a near tie for second place with rival Wendy's in the US market for hamburger chain restaurants.[45] For many years leading into the early 2000s, Burger King and its various owners plus many of its larger franchisees closed many under-performing stores.[46] Several of its largest franchisees entered bankruptcy due to the issues surrounding the performance of the brand.[47][48]

TPG Capital and partners

Burger King's current global headquarters in suburban Miami-Dade county.

In 2002, a troika of private equity firms led by TPG Capital, L.P with associates Bain Capital and Goldman Sachs Capital Partners agreed to purchase BK from Diageo for $1.5 billion (USD),[7] with the sale becoming complete in December of that year.[49] The new owners, through several new CEOs, moved to revitalize and reorganize the company, the first major move was to re-name the BK parent as Burger King Brands.[50] The investment group initially planned to take BK public within the two years of the acquisition, this was delayed until 2006. On 1 February 2006, Out-going CEO Greg Brenneman announced TPG's plans to turn Burger King into a publicly traded company by issuing an Initial Public Offering (IPO).

On 16 February, the company announced it had filed its registration for the IPO with the Securities and Exchange Commission. Burger King began trading on the New York Stock Exchange under the ticker symbol BKC on 18 May 2006. The stock sale generated $425 million in revenue, the largest IPO of a US-based restaurant chain on record. The proceeds from the sale waere used by the company help pay back a loan taken out taken by the company in February used to pay dividends to the investment firms. According to one analyst at Renaissance Capital, Wall Street investors were not alarmed by the large payout due to the increased financial stability of the company resulting from changes made by the investor groups during the interim between the purchase in 2002 and the stock offering. Incoming CEO John W. Chidsey backed the payouts, stating that the financial firms spent considerable time and capital turning the company around.[51]

By the middle of its fiscal year 2008, the company had seen significant domestic growth for the first time in several years; for more than a dozen financial quarters, the company showed revenue increases and domestic expansion. During the first half of the calendar year 2008, the company initiated a plan to revitalize its stores with a program to replace or remodel almost all of its North American locations by the beginning of its fiscal year 2009 in July 2008.[52] The renovation plan was credited with helping the company increase same-store sales by as much as 5.4% over the previous fiscal year versus its competitors McDonald's and Yum Brand's 3% increase, but the total costs of the renovation program affected the company's revenue stream for the final quarters of its 2008 fiscal year. Wall Street analysts had originally projected net income to be approximately 27¢ per share, but the company only reported a 25¢ per share profit. The smaller profit announcement temporarily drove Burger King's stock prices down after the announcement. Despite the lower than expected profit and small decline in stock value, Wall Street analysts were upbeat about Burger King's future earnings because it was felt that the renovations would contribute to future profits; one such analyst stated that the renovations would "pay for themselves".[53]

Further modernization plans were introduced in 2009 with the company's "20/20" store designs and its "BK Whopper Bar" concept. The 20/20 concept, officially unveiled in Amsterdam on 10 October, featured a radical new design that featured bright colors, corrugated metal accents and plain brick walls that are designed to compete with chains in the fast casual restaurant market segment. A new system of in-store advertising was also introduced as part of the new format, static menu boards are to be replaced with high definition video displays. With the introduction of the 20/20 format, all future Burger King locations will be constructed using the design framework. Additionally, any future restaurant renovations must also conform to the new standard. The primary drawback of the design is its costs to the individual owners of BK restaurants; franchises must pay between $300,000-$600,000 USD to renovate their buildings to Burger King specs.[54]

The Whopper Bar is a concept from the company that upends its traditional fast food operations with a newer high end concept designed to compete with fast casual and casual dining restaurants. The new format is described by the company as a more "playful" variation on the standard Burger King location. The locations feature an open kitchen with a semi-circular metal counter top designed to allow customers to watch as its "Whopperistas" put together the order.[55] The exposed kitchen concept allows customers to view the preparation of their foods. Decoration of the new locations is limited to plasma televisions playing looped videos of open flames. The concept is similar to the McCafe concept from rival McDonald's, and like the McCafe locations they are designed to go into malls, airports and casinos and other areas with limited amounts of space.[56]

With the opening of its Whopper Bar locations in the United States during 2010, Burger King reported that it would be the first time in its North American locations that beer would be available for purchase. Although beer is available at fast food restaurants throughout Europe, including Burger King, this is the first time a major fast food chain has attempted to sell beer in the United States. The company will be selling products from SABMiller and Anheuser-Busch including Budweiser, Bud Lite and Miller Lite in aluminum bottles designed to maintain temperature. The move, designed to target the important 30-and-under demographic, has been called risky by industry analysts because of the company is known as a fast food purveyor and not as an alcoholic beverages seller. Other industry consultants have disagreed with the assessment, believing that the move is a practical one because the company is growing with its aging customer base.[57][58][59]

3G Capital

The latest chapter in the company's ownership history began on September 2, 2010 when TPG and its partners announced it would sell their 31% stake in Burger King to another private equity company, 3G Capital, for $24 per share, or $3.26 billion.[60][61] Between March 2004 and March 2009, the company experienced a score of consecutive profitable quarters that were credited with successfully re-energizing the company, however with the slowing of the economy during the financial crisis of 2007-2010 the company's business has declined while its immediate competitions, McDonald's, has grown.[62] Analysts, including John Glass of Morgan Stanley and David Tarantino of Robert W. Baird & Co., part of the reasons for the company's slowed performance is its continue reliance on the super fan.[62] Market-research firm Sandelman & Associates reported that this segment had seen a decline in visits by this demographic group by more than 50% during the recession, while restaurant industry analyst Bonnie Riggs at market-research firm NPD Group reported the 18-24 transferred much of its business from the fast food segment to the fast casual segment, compounding the decline.[62]

The offer, representing a 46% premium over the stocks selling price at the time, came as a surprise to Burger King CEO John Chidsey. The proposed sale is expected to help the company repair its fundamental business structures and continue working to close the gap with McDonald's.[63] Analysts commenting on the transaction stated that 3G will have to invest heavily in the company to help reverse its fortunes. David Palmer from UBS stated the company will need to work with its large group of franchise owners to brighten its locations and stabilize sales which could take several years and require significant reinvestment,[61] while Steve West of Stifel Nicolaus stated that Burger King will need at least a year to right its fundamentals.[63]

Key dates

Key dates include:

Industry innovations

See also


References

  1. ↑ 1.0 1.1 1.2 Burger King Holdings (BKC) annual SEC income statement filing via Wikinvest
  2. ↑ 2.0 2.1 Burger King Holdings (BKC) annual SEC balance sheet filing via Wikinvest
  3. ↑ "Burger King Holdings Inc (BKC)". Morningstar, Inc.. http://quote.morningstar.com/Quote/Quote.aspx?pgid=hetopquote&ticker=BKC. Retrieved 2008-10-03. 
  4. ↑ 4.0 4.1 4.2 Smith, Andrew F. (30 August 2006). Encyclopedia of junk food and fast food (1st ed.). Greenwood Publishing Group. pp. 27–28. ISBN 0313335273. http://books.google.com/?id=mYc4aw7tnekC&pg=PA172&lpg=PA172&dq=In+1952,+Matthew+Burns+of+Long+Beach,+California,+invited+his+stepson,+Keith+G.+Cramer. Retrieved 2009-06-14. 
  5. ↑ 5.0 5.1 Carlino, Bill (19 August 1996). "BK co-founder McLamore dead at 70". Nation's Restaurant News. http://findarticles.com/p/articles/mi_m3190/is_n32_v30/ai_18609870/. Retrieved 25 January 2010. 
  6. ↑ 6.0 6.1 John A. Jakle; Keith A. Sculle (27 March 2002). Fast Food (1st ed.). JHU Press. pp. 116–119. ISBN 080186920X. http://books.google.com/?id=0nYcgnWKWXgC&printsec=frontcover. Retrieved 2009-06-15. 
  7. ↑ 7.00 7.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 7.10 7.11 7.12 7.13 7.14 7.15 7.16 7.17 7.18 FundingUniverse.com. "History of Burger King Corporation". Answers.com. http://www.answers.com/topic/burger-king. Retrieved 2007-10-24. 
  8. ↑ Rick Telberg (1985-09-09). "How Pillsbury 'stole' DiversiFoods for just $390 million". Nation's Restaurant News. http://findarticles.com/p/articles/mi_m3190/is_v19/ai_3930610/. Retrieved 2007-08-24. 
  9. ↑ "DiversiFoods Net". The New York Times. 1984-12-12. Archived from the original on 2007-10-30. http://web.archive.org/web/20071030031352/http://query.nytimes.com/gst/fullpage.html?res=9A02EFDA1238F931A25751C1A962948260. Retrieved 2007-08-24. 
  10. ↑ Ester Reiter (March 1996). Making Fast Food: From the Frying Pan Into the Fryer, 2nd edition. McGill-Queen's University Press. p. 64. ISBN 0773513876. http://books.google.com/?id=oBj-sPpJDQcC&pg=PA64&lpg=PA64&dq=donald+smith+burger+king. Retrieved 2008-04-06. "Burger King's early franchising arrangements proved to be troublesome" 
  11. ↑ Siler, Julia Flynn (11 August 1988). "BUSINESS PEOPLE; Deal for Friendly Offers Official Chance to Shine". The New York Times. http://www.nytimes.com/1988/08/11/business/business-people-deal-for-friendly-offers-official-chance-to-shine.html?pagewanted=1. Retrieved 25 January 2010. 
  12. ↑ "Sarah Michelle Gellar". NNDB.com. http://www.nndb.com/people/511/000023442/. Retrieved 2007-10-02. 
  13. ↑ Romeo, Peter (1988-12-19). "Brinker: a man with a vision". Nation's Restaurant News. http://findarticles.com/p/articles/mi_m3190/is_n51_v22/ai_6935546/pg_2/?tag=content;col1. Retrieved 2008-03-03. 
  14. ↑ Ruggless, Ron (2009-06-09). "Industry icon Norman Brinker dies". Nation's Restaurant News. http://www.nrn.com/article/industry-icon-norman-brinker-dies. Retrieved 2010-10-19. 
  15. ↑ Eric N. Berg (1988-11-04). "Burger King's Angry Franchises". The New York Times. http://query.nytimes.com/gst/fullpage.html?res=940DE0DD1530F937A25752C1A96E948260&sec=&spon=&pagewanted=print. Retrieved 2008-04-06. "The franchisees complain that, in recent years, the chain's growth has come almost entirely from the franchisees, not from the corporation." 
  16. ↑ "Pillsbury to spin off Burger King". Spokane Chronicle (Associated Press): pp. A13. 17 November 1988. http://news.google.com/newspapers?nid=1345&dat=19881107&id=6bUSAAAAIBAJ&sjid=4fkDAAAAIBAJ&pg=6765,838805. Retrieved 25 January 2010. 
  17. ↑ Berg, Eric N. (7 November 1988). "Pillsbury Planning a Revamping". New York Times. http://www.nytimes.com/1988/11/08/business/pillsbury-planning-a-revamping.html?pagewanted=all. Retrieved 25 January 2010. 
  18. ↑ Berg, Eric N. (19 November 1988). "Burger King Franchisees Reject Spinoff". New York Times. http://www.nytimes.com/1988/11/19/business/burger-king-franchisees-reject-spinoff.html?pagewanted=1. Retrieved 25 January 2010. 
  19. ↑ Romeo, Peter (19 December 1998). "Burger King shifts marketing chiefs: irate franchisees spark latest upheaval". Nations Restaurant News. http://findarticles.com/p/articles/mi_m3190/is_n51_v22/ai_6935524/. Retrieved 25 January 2010. 
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